Posted January 10, 2017
The US dollar went through its fair share of drama in 2016. Chances are the same will happen this year too. Here, we explore what happened when it traded against three major European currencies for the first week of 2017.
The US dollar did well against the British pound to begin the New Year today. It started on 0.8122 before improving to 0.8135 by the end of the day. Did that bode well for the entire week? It was probably too soon to say. Another good start was made against the euro, where the dollar climbed from its opening rate of 0.9486 to 0.9555 today. Could this continue as well? The same was seen against the Swiss franc, as the dollar made it three out of three good results today. Here, we finished on 1.0235 from an opening rate of 1.0187.
Another encouraging day for the dollar versus the pound today, as it rose once more to close out on 0.8142. It was similarly good news against the euro too, with another rise to 0.9629 today. How much longer would this go on for? More of the same came our way against the Swiss currency as well, as the dollar increased its standing against the franc by pushing ahead to 1.0305 by the day’s end.
We knew things had to change sooner or later, and it turned out to be sooner against the British pound. The dollar fell to 0.8138 today, although it was only a minor drop. The same picture played out against the euro as well, as the dollar fell back to 0.9581 today. We had more of the same – perhaps predictably – against the Swiss franc. Here, the dollar slipped to 1.0258, but it remained above its opening rate to start the week.
Another small drop was in store for the dollar against the pound today, taking it lower still to 0.8136. There was a greater drop against the euro as well, which meant the dollar slid to a day-ending rate of 0.9522. Would there be another one to take it lower still tomorrow, or was there something else in store? Another fall occurred against the Swiss franc as well, as the dollar slid to 1.0193. Could we stall the losses for the final day of the week?
We were finishing as we’d progressed over the last two days, with another drop against the British pound today. The dollar ended the week worse off on 0.8088 today. And the same was seen against the euro as well, as the dollar fell further to close on a disappointing 0.9443 today. So, it was perhaps no surprise to realize the dollar also experienced a drop against the Swiss franc. Here, we ended up finishing the week on 1.0128, which was lower than the opening rate had been. All in all, it was a disappointing week here.